STEP in Brussels to discuss money laundering and terrorist financing risks

bank notes, laundered

STEP was invited by the European Commission to attend a second private sector consultative meeting on Wednesday 5 October to discuss the supranational risk assessment of money laundering and terrorist financing risk in the EU.

We represented the trust sector and legal professionals in the first consultative meeting with the Commission in March 2016.

The Commission presented the preliminary results of its risk analysis relating to the threat and vulnerability of certain sectors to money laundering and terrorist financing across Member States.

The initial results found that some sectors, including the real estate sector, legal professionals and trust company and service providers (TCSPs) are at significant risk to infiltration by money launderers and terrorist finance activities.

STEP was keen to provide feedback on the methodology of the assessment, the inconsistency of regulations by service providers across Members States, and the lack of understanding towards trusts in some jurisdictions. We will continue to provide feedback to the Commission until the end of the year, and a follow up meeting will take place in March.

• STEP would like to remind members that HM Treasury’s consultation paper on the Transposition of the Fourth Money Laundering Directive will be closing on 10 November. You may provide feedback directly to the Treasury or via ourselves, via emily.deane@step.org.

Emily Deane TEP, STEP Technical Counsel

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